4 Penny Stocks To Watch After Big Moves In July
If you’re looking for penny stocks to buy, right now we’ve seen a lot of attention on health care and technology names. Some of the main reasons are obvious. Coronavirus has continued raising concerns this week. Furthermore, the ways companies are pivoting to make money during the pandemic has created quite a few opportunities that may not have been presented without COVID-19.
Take, for instance, the news from one of the oldest companies in imaging, Eastman Kodak Company. This morning we talked about the latest deal that has sent shares soaring in the stock market today. Shares of KODK stock closed well-below $3 on Monday. Following that premarket news of a $765 million government loan stemming from coronavirus, shares reached highs of $11.80.
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That’s a move of more than 330% overnight. When it comes to penny stocks, things can change at a moment’s notice and all it might take is some good news. This is why I’m sure many of you are looking for the next round of penny stocks to buy right now. With this in mind, let’s take a look at a few making moves this month. Will they join the ranks of the top penny stocks to bur or will they be on your list of names to avoid?
Penny Stocks To Watch: Fandom Sports Media
Fandom Sports Media (FDMSF Stock Report) (FDM) has been one of the penny stocks to watch this month. One of the things missing during this pandemic has been live entertainment. Mainly due to restrictions based on social distancing, sports are basically nonexistent. However, Esports are becoming an emerging class and one that is commanding a billion-dollar industry.
No matter how you feel about “these kids” getting paid to play videogames, the popularity and mainstream appeal of Esports is spiking. Goldman Sachs expects Esports revenue to top $3 billion by 2022. Considering that figure was only $655 million in 2017, the bank expects 916% revenue growth over this period. While Fandom stock has begun realizing growing interest in the market, the company has also been executing on the growth-front as well.
This morning the company confirmed that the Fandom Esports App is now enabled with Mandarin language support and is being tested and assessed by strategic advisors in mainland China. Philip Chen, Chairman, commented: “This is a significant milestone for Fandom which we have been working towards. The opportunities in China are significant in number and scope in Esports and the innovative platform that we have created holds much promise as we evolve it for Chinese Esports fan utilization. The scalability potential is transparent, and we are eager to import the right gaming and data content to make the platform fun and appealing.” For More Information On Fandom Sports Media, Click Here.
Penny Stocks To Watch: Exela Technologies
Exela Technologies (XELA Stock Report) has been one of the penny stocks to watch since late-May. After hitting 3-month lows of $0.2025, we saw XELA stock price begin reversing course. At the time, Exela was putting a hard push behind its Intelligent Locker system. What’s more, is that the company is putting deals together with businesses like Co-operative Bank. The two companies are working together to expand their existing partnership to deploy Exela’s Confirmation of Payee platform.
This is where July 28th’s momentum could get cues from. While our last article on XELA focused on a “quasi-EdTech” angle, Exela’s model is built around enterprise software in general. Tuesday morning the company reported on Mastercard’s confirmation of enrollment of its Request to Pay solution by Pay.UK.
It’s a leading retail payments authority in the UK. The Mastercard Request to Pay solution was co-developed with Exela Technologies. It’s going to leverage the proprietary technology which will be deployed by Mastercard in the cloud, to enable billers to make payment requests through a secure, unified messaging service.
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“In the post-pandemic world where cash flow and liquidity will be more important than ever, the Request to Pay solution has the potential to deliver substantial value and leadership in an emerging payment ecosystem for early adopters,” Vitalie Robu, President, EMEA, Exela Technologies. Another pivot due to coronavirus has pushed momentum for XELA this week. Will that continue into the rest of the summer?
Penny Stocks To Watch: Ocugen Inc.
Ocugen Inc. (OCGN Stock Report) has been on the list of penny stocks to watch for the better part of the last week. Last Tuesday, shares started spiking with irregular trading volume and it piqued some interest in the market. That interest continued growing right into the weekend as you may have read up on.
This week the company announced announced the FDA granted the third Orphan Drug Designation for its OCU400. It’s for the treatment of RHO mutation-associated retinal degeneration. This is one of the larger mutations within the RP class, representing about 12% of RP patients in the US. The FDA Office of Orphan Products Development grants orphan designation for novel drugs or biologics that treat a rare disease or condition affecting fewer than 200,000 patients in the U.S.
In light of this, OCGN stock has been on the move this week. Since last Tuesday, shares have climbed from about $0.25 to highs of $0.9577 on July 28th. The daily trading volumes have also been well-above average. The biggest question is can the penny stock maintain this pace and uptrend? We’re already talking a move of over 280% in a week. If OCGN is on your list of penny stocks to watch, that might be something to keep in mind. This is the highest OCGN stock price has been since last November.
What’s more, is that it has managed to break above its 200 Day Moving Average for the first time since September. So if there is a pullback, it will be interesting to see if this turns into a new level of support or not. Without any recent catalyst this week, is the main driver behind this move, simply market momentum? Leave a comment below.
Penny Stocks To Watch: Sypris Solutions Inc.
Sypris Solutions Inc. (SYPR Stock Report) isn’t likely a name you’ve stumbled across this year. That is unless you look for lower volume penny stocks. The company itself provides outsourced services and specialty products. It offers a range of manufacturing, engineering, design, and other technical services. Its Sypris Technologies segment focuses specifically on the manufacturing of custom-engineered closures for high-pressure critical applications serving the oil and gas industry.
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On July 28th the company announced one of its biggest developments to date. By the look of the stock market today, you might agree with that sentiment. Sypris announced that it received “significant orders” for its Tube Turns® branded Ultra-High Pressure and Double Bolt closure product lines. Production will begin immediately and is expected to be completed prior to year-end. The orders were in relation to gas projects in Brazil and Canada however, terms of the purchases were not disclosed.
Brett Keener, General Manager of Sypris Technologies, commented, “These two projects leverage our extensive experience in engineering high-quality closures for the demanding requirements to continually support major energy projects around the globe. We are proud to be a part of enhancing energy infrastructure with these types of important global projects.”
One of the important things to note if SYPR is on your list of penny stocks to watch is the big move on Tuesday. This is the highest the penny stock’s traded in almost a year and the highest share volume it has seen in over a year. Considering that there are roughly 20 million shares outstanding, you could consider this on the lower float side of things. With that in mind, it will be important to understand that volatility could play a bigger role right now.
